Moody's Investors Service
ASIA PACIFIC WEEKLY
16 - 23 August 2017
 

This week has seen the publication of our quarterly update on China’s securitization market, and we look at how deals across all asset classes increased during Q2 2017 from Q1 2017.

Another report looks at the reasons for the change in the outlook for the Asian steel industry to stable from negative, with profitability to remain above the low levels seen during 2016-16.

We also examine in detail the credit profiles of China’s transit companies and their high capital expenditure requirements, as well as the importance of the support that they receive from their government owners.

On the events front, we will hold a briefing on Tuesday 29 August on the outlook for Japan’s steel industry.

 

Best regards,

MinYe

Min Ye
Managing Director – Regional Head Asia Pacific

To access the information within this email we ask that you register to Moodys.com. Registration is complimentary.

 

 
In This Edition
 

RESEARCH

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Securitization - China: Sector update - Q2 2017: Issuance volumes up; auto ABS performing well
[21 Aug] Twenty-eight securitization deals totaling RMB113.4 billion were issued across all asset classes during Q2 2017 versus 21 deals totaling RMB76.0 billion for Q1 2017, and auto ABS performed well, with delinquency rates staying low.

Government of Singapore -- Aaa Stable - Annual credit analysis
[17 Aug] Singapore's (Aaa stable) credit profile reflects the city state's very high per-capita income, a diverse and competitive economy, strong fiscal  metrics, and robust institutions.

Asian Steel Industry: Outlook changes to stable; profitability will remain above low 2015-16 levels
[17 Aug] The profitability of Asian steel companies --  measured by EBITDA per tonne – will remain stable during the coming 12 months following a significant improvement that began in the second half of 2016.

China Transit Sector: Strategic importance underpins credit profile;  Heavy capex remains
[16 Aug] The companies will be supported by their respective regional and local governments (RLGs) because of their close links with the RLGs and economic and social importance to the economies in which they operate.

Moody’s Credit Outlook on 21 and 17 August

[21 Aug] PTTGC's Petrochemical Expansion Will Increase Leverage, Reduce Cash; China's Plan to Tighten Regulation of Negotiable Certificates of Deposit Is Credit Positive for Banks; Hong Kong’s Tax Plan to Boost Competitiveness of Small Businesses Is Credit Positive; Vietnam’s Focus on Meeting Growth Targets Puts Bank Credit Quality and Macroeconomic Stability at Risk

[17 Aug] Andeavor Logistics’ Planned Acquisition of Western Refining Logistics Is Credit Positive; APTIM's Loss of Exelon Nuclear Contracts Is Credit Negative; Oil Drives Saudi Arabia's Fiscal Deficit Lower in First-Half 2017; Afreximbank Announces Launch of Freely Tradable Shares, a Credit Positive


 

RATING EVENTS

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AUSTRALIA
[18 Aug] Moody's takes rating action on NSW Electricity Networks Finance Pty Limited's USPP notes
[17 Aug] Moody's takes rating action on Barminco
[16 Aug] Moody's takes rating action on Origin Energy and Origin Energy Finance
[16 Aug] Moody's takes rating action on CSL Limited

CHINA
[21 Aug] Moody's continues to review for downgrade Bank of Communications' and its subsidiaries' ratings
[18 Aug] Moody's: BAIC Group's subsidiary profit warning is credit negative, but has no immediate rating impact
[18 Aug] Moody's downgrades CAR Inc.'s ratings to Ba3; outlook stable
[18 Aug] Moody's: West China Cement's robust 1H 2017 results support its B1 ratings
[18 Aug] Moody's downgrades Panda Green to B1; outlook stable
[18 Aug] Moody's affirms Baa3 senior unsecured debt ratings of ICICI Bank's Bahrain branch

INDIA
[16 Aug] Moody's ratings review of Lodha continues given the refinancing risk at one of its London properties

INDONESIA
[17 Aug] Moody's assigns definitive B2 rating to Medco; outlook stable

JAPAN
[22 Aug] Moody's assigns definitive ratings to OPAS-1708 backed by auto loan receivables
[22 Aug] Moody's assigns definitive ratings to AURORA Series1708, credit card receivables ABS
[18 Aug] Moody's upgrades Trust Fontana 2 backed by Japanese residential mortgages
[16 Aug] Moody's upgrades the rating on Clover 2016 referencing SME loans

KOREA
[17 Aug] Moody's assigns Aa2 to Lotte Shopping Business Management (Hong Kong) Limited's notes guaranteed by KEXIM

 


 

ANNOUNCEMENTS

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AUSTRALIA
[23 Aug] Moody's comments on BHP's results
[22 Aug] Moody's comments on Sydney Airport Finance Company
[21 Aug] Moody's comments on Fortescue Metals
[18 Aug] Moody's comments on Wesfarmers fiscal 2017 results
[17 Aug] Moody's comments on Telstra's fiscal 2017 results and capital allocation strategy review
[16 Aug] Moody's comments on Vicinity Centres
[15 Aug] Moody's comments on The GPT Group

CHINA
[22 Aug] Moody's: SINOPEC Engineering's rating unaffected by 1H17 results
[22 Aug] Moody's: Beijing Capital Land's improved 1H 2017 results in line with expectations
[22 Aug] Moody's: COLI's 1H 2017 results support its Baa1 rating
[21 Aug] Moody's : CR Gas' 1H 2017 results support Baa1 ratings and positive outlook
[21 Aug] Moody's: Vipshop's 2Q 2017 results and planned internet finance spin-off support Baa1 rating and stable outlook
[21 Aug] Moody's: Yuexiu Property's 1H 2017 results support its standalone credit profile
[18 Aug] Moody's: Tencent's stronger-than-expected 1H2017 results support A2 ratings and positive outlook
[17 Aug] Moody's: CR Power's weak 1H 2017 results are in line with expectations
[17 Aug] Moody's: Longfor's interim 2017 results support its Baa3 corporate family rating
[17 Aug] Moody's: Yestar's 1H 2017 results support its Ba3 ratings
[16 Aug] Moody's: Yanlord's strong profit margin and liquidity support its Ba2 rating
[16 Aug] Moody's: JD.com's 2Q 2017 results and progress in deconsolidating JD Finance support Baa3 rating and positive outlook
[16 Aug] Moody's: China Jinjiang Environment's 1H 2017 results are in line with expectations
[15 Aug] Moody's: WH Group's steady 1H 2017 results support its Baa2 rating and stable outlook

HONG KONG
[21 Aug] Moody's: HKCG's 1H 2017 results are in line with expectations
[21 Aug] Moody's: Swire Properties' 1H 2017 results are in line with its A2 rating
[21 Aug] Moody's: Swire Pacific's 1H 2017 results are in line; no immediate impact on A3 rating or negative outlook
[16 Aug] Moody's: Champion REIT's 1H 2017 results support its Baa1 rating 

SINGAPORE
[21 Aug] Moody's: Impact of MLT's perpetual redemption will depend on funding structure

TAIWAN
[17 Aug] Moody's: Four Formosa-related companies' improved debt leverage supports their Baa1 ratings

 


 

MOODY'S EVENTS

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Moody's Briefing: Japan Steel Industry – Behind the stable ratings outlooks for Japanese steel majors
Tokyo, 29 August

Frontier’s 11th Annual Conference: Invest Mongolia 2017
Ulaanbaatar, 4 September

ASIFMA Structured Finance Conference 2017 – Asian Securitization and Covered Bonds
Hong Kong, 7 September

KangaNews-Westpac Corporate Debt Summit 2017
Sydney, 13 September

Moody's Briefing: Japan’s Electric Utilities
Tokyo, 28 September

Moody's Briefing: Japanese Automakers
Tokyo, 11 October

Moody's Briefing: Outlook for Japanese Banks
Tokyo, 17 October

Moody's Briefing: Japan’s Real Estate Market
Tokyo, 24 October

 


 

MOODY'S TRAINING SEMINARS

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HONG KONG
Bank Regulation: Impact and Implications of Evolving Regimes, 7-8 Sep
Advanced Corporate Credit Analysis, 30 Aug-1 Sep
Insurance Credit Analysis, 13-15 Sep
Advanced Financial Statement Analysis, 16-18 Oct
Structured Finance, 16-18 Oct
Advanced Bank Risk Analysis, 30 Oct-1 Nov
Corporate Credit Rating Analysis, 1-3 Nov
Analysing Sovereign and Country Risks, 2-3 Nov
Insurance Credit Analysis, 4-6 Dec
Fundamentals of Bank Credit Risk Analysis, 7-8 Dec

SINGAPORE
Advanced Bank Risk Analysis, 23-25 Aug
Advanced Financial Statement Analysis, 11-13 Oct
Structured Finance, 11-13 Oct
Fundamentals of Bank Credit Risk Analysis, 16-17 Oct
Insurance Credit Analysis, 18-20 Oct
Advanced Bank Risk Analysis, 20-22 Nov
Analysing Sovereign and Country Risk, 23-24 Nov
Corporate Credit Rating Analysis, 27-29 Nov
Covenants and Documentation, 30 Nov
Fundamentals of Corporate Credit, 11-14 Dec

SYDNEY
Fundamentals of Corporate Credit, 28-31 Aug
Advanced Corporate Credit Analysis, 11-13 Oct
Insurance Credit Analysis,  27-29 Nov
Fundamentals of Bank Credit Risk Analysis, 30 Nov-1 Dec

TOKYO

Insurance Credit Analysis, 6-8 Nov
Credit Reasoning & Writing, 9-10 Nov
Fundamentals of Bank Credit Risk Analysis, 4-5 Dec

 


  CONTACT US Back to top button  
 

Asia Pacific Client Desk
Research & Subscriptions
+852.3551.3077

Kelly Moy
Associate Managing Director
North Asia
+852.3758.1323

Vineet Gupta
Vice President
India
+91.750.625.0104

Cynthia Zhao
Senior Vice President
North China - Beijing
+86.10.6319.6566

Maria Lee
Senior Vice President
South China - Hong Kong
+852.3758.1338

James Flitton
Vice President
Singapore
+65.6398.8338

Yasushi Furuya
Vice President
Japan
+81.3.5408.4272

 


 

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